There are strong property protections with Chapter 7 in the form of bankruptcy exemptions.

Exempt property may not be sold during bankruptcy. In most Chapter 7 cases there is no property sale. While some bankruptcy exemptions for New York state are listed here, speak with lawyer to get full information on how bankruptcy may affect you.

Homestead

Real property, including a mobile home, worth up to $50,000.

Wages

90 percent of earnings, subject to some limitations.

Automobiles

One motor vehicle worth up to $2,400.

Other Property

Stove, food and fuel necessary for 60 days.

One sewing machine.

Family Bible, pictures, school books and up to $50 worth of other books.

Church pew.

Domestic animals worth up to $450.

Clothing.

Household furniture.

Crockery, tableware, cooking utensils.

Wedding ring.

Watch worth up to $35.

Up to $600 worth of trade tools and equipment.

In New York, Chapter 13 bankruptcy might be a good option for people who own a home, cars or other property they want to keep. Although both Chapter 7 and Chapter 13 offer property protection, Chapter 13 can, typically, provide a broader shield.

It is consolidated, and may be reduced, and set monthly payments are made to a trustee instead of juggling the obligations of many creditors. During this time creditors may not collect on these back debts, but ongoing payments must be kept current.

Bankruptcy Help: The New York Bankruptcy Lawyer

If you’re already overwhelmed with debt, you don’t need to be overwhelmed by complex laws. Consider speaking with a local bankruptcy lawyer to get advice on exactly how bankruptcy may help you regain control of your life.

We can help you get in touch with a local sponsoring New York bankruptcy attorney. Complete the free form on this page or call us, toll free, at 877-349-1309 and we’ll connect you with a sponsoring New York bankruptcy lawyer near you.

Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.

Laws may have changed since our last update. For the latest information on your state's bankruptcy laws, speak to a local bankruptcy lawyer.